March 11, 2020: Federal Minister for Planning, Development, and Special Initiatives (PDSI) Asad Umar has said that the M/o PDSI has a pivotal role in the economic development and uplift of national economy.
Government is committed to bringing about institutional and structural reforms. Government is developing a 03-year growth strategy as well as working on the establishment of the Secretariat of Council of Common Interests (CCI) and making it operational.
He was addressing a round-table discussion on “The role of Planning and Development in Pakistan’s Economy” here at the Institute of Strategic Studies Islamabad (ISSI), Islamabad.
Asad Umar said that despite structural changes in Pakistan’s economy, the role of government in general and M/o PDSI in particular remains relevant.
While highlighting the importance of a planned economy, Asad Umar said that during the 60s, despite having immense oil resources gulf countries were wallowing in poverty, it was only after the leading role played by the Gulf Governments, that their economic situation improved. China’s growth and economic success is another case in point for the planned economy.
During the decade of 50s and 60s, Pakistan’s economy was developing due to its planned nature, although much has changed since then, the need for a planned economy with due input from the private sector stays primate.
Asad Umar remarked that Prime Minister has chaired several meetings to bring down the prices of gas and electricity, and in future prices are likely to come down. This would help reduce the input cost for our industries.
While answering a question about the effect of 18th amendment on Pakistan’s economy, Asad Umar said that 18th Amendment was absolutely essential for a polity like Pakistan, and has not had any negative impacts for Pakistan’s economy.
Government is working on making Council of Common Interests (CCI)’s Secretariat effective and operational to smoothly resolve differences. Director General ISSI Ambassador Aizaz Ahmad Chaudhry and eminent guests from academia and government were also present.